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Citigroup shares fall on Q4 profits announcement

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by Kay Mitchell
Citigroup shares fall on Q4 profits announcement

US banking giant Citigroup has today reported a $1.3 billion (£811 million) profit for the fourth quarter of 2010, against a loss of $7.6 billion loss a year earlier.

Meanwhile, revenue surged to $18.4 billion, from $5.4 billion in the same period a year ago but were 11% lower compared with the third quarter.

However, earnings and revenue missed Wall Street expectations and shares in the bank fell 4%.

The bank’s chief executive, Vikram Pandit, comments: “2010 was a year full of milestones and was critical for the turnaround of this institution.”

The bank, which was bailed out by the US taxpayer to the tune of $45 billion, has been disposing of assets and making staff redundant as it focuses on its main businesses, including investment and retail banking.

The figures come just a few days after JPMorgan announced income surged 47% in the fourth quarter.

Fourth-quarter profit increased to $4.8 billion, or $1.12 a share, from $3.3 billion, or 74 cents a share, compared with the year ago period.

Analysts expected $1 a share.

Goldman Sachs, Wells Fargo & Co. and Bank of America Corp. are scheduled to report their fourth quarter earnings this week.

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News posted: January 18, 2011

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